Alibaba, Baidu and Other Chinese Big Tech Companies Enter Metaverse Business

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] Chinese big tech companies such as Alibaba and Baidu are entering the metaverse business.

On the 10th, according to Baidu and AI Finance News, Alibaba recently invested 10 million yuan (about 1.85 billion KRW) to establish a metaverse-related subsidiary called 'Yuanjing Chengcheng.' The business scope of Yuanjing Chengcheng includes software development, computer system services, and performance management.

An insider from Alibaba said, "Yuanjing Chengcheng is related to the metaverse and future businesses."

Baidu also announced on the 10th that it will unveil its metaverse service 'Xilang' on the 27th.

Baidu explained that through Xilang, it will hold the AI developer competition 'Create 2021,' stating, "This competition is the first event held within the metaverse in China, and up to 100,000 people can connect simultaneously."

Ma Jie, Baidu's Vice Chairman and head of Xilang, said, "The metaverse is currently in its early stages," adding, "Our society will spend a lot of time on the metaverse and gradually move toward a mature stage."

Users of Xilang can visit Shaolin Temple to practice martial arts, as well as enjoy shopping, communication, and exhibitions.

In addition to Alibaba and Baidu, Tencent and Wangyi are also preparing for the metaverse business.

On the 10th of last month, Tencent CEO Liu Zhiping stated during an earnings conference call, "Tencent has a lot of capabilities in exploring and developing the metaverse." Ding Lei, CEO of Wangyi, also said, "Wangyi is fully prepared for the metaverse in various aspects such as technology and planning," adding, "When the metaverse 'descends,' Wangyi has the ability to quickly advance."

This content was produced with the assistance of AI translation services.